market folly

David Einhorn is out with his Greenlight Capital Q3 letter.  In it, Einhorn discloses that they've shorted more Green Mountain Coffee Roasters (GMCR).  They write,

"Although the company again missed the consensus estimate for sales, bullish analysts scrambled to lower forward revenue forecasts while insisting that all is well in mudville."  Their updated take on GMCR is below and we've previously posted Einhorn's original short case on GMCR.

He also talks about his long positions in Apple (AAPL) and Vodafone (VOD), both of which were quite profitable in the quarter.

Einhorn also discloses that Greenlight built a 'medium-sized long' in Osram Licht AG (Germany: OSR).  Additionally, they exited Gjensidige Forsikring (Norway: GJF) and Oaktree Capital (OAK).

At the end of Q3, Greenlight's largest positions in alphabetical order were:  Apple, General Motors, gold, Marvell Technology, Oil States International, and Vodafone.

Embedded below is David Einhorn's Q3 2013 letter:



For more on this hedge fund, we also posted a recent interview with Einhorn talking about his positions.